All Forum Posts by: Conny W.

I would send a text to agent's cell phone, asking him if he sent your (low) offer to the other (listing) agent. If he doesn't respond to text by end of business day, you should contact the agent listing that MFR... and send him your offer directly.

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It should read 'POA' (power of atty) of the HOA.... Sorry.

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@Steve Babiak @Jennifer Silletto @Wayne Brooks et cetera...

Currently there are 23 states in which HOA's can wipe out ALL other liens (incl. any first mortgages) via foreclosure. It is called a HOA Super Priority Lien. See below the link for the NV case in front of Supreme Court:

https://www.youtube.com/watch?v=EkJFBmkNBFw

https://www.youtube.com/watch?v=OAb7lLo-DJ4

But Nevada is NOT the only state. Some of the other states are Florida, Colorado, Arizona. I know this because we just locked up 2,500 SFR's in Florida (in Orlando, to be specific) that are past the redemption period (bank did not pay delinquent HOA dues), and the same law group that won the case in Nevada in front of Supreme Court is handling the conversion into Warranty Deeds there. These 2,500 homes have an average BPO of $150K, and we are selling them currently at $32K/property; these properties come with:

1. HOA Super Priority Lien Assignment

2. POE of the HOA

3. Attorney Fees paid for already

4. Blanket Receivership (until Warranty Deed is issued by FL judge) ==> buyer can collect rent

I have included a couple of links for further explanation. One of these links actually is a video of the Argument in front of the Supreme Court in Nevada. The HOA walked away (on a $6K lien) with a property worth $880,000!!!

https://www.youtube.com/watch?v=EkJFBmkNBFw

https://www.youtube.com/watch?v=OAb7lLo-DJ4

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Originally posted by @Chad U.:

Here's hoping they do the same in Florida (-;

Chad.... FL is actually one of the currently 23 states where HOA's can enforce this Super Priority Lien via foreclosure. Call me if you have any questions.... :)

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Originally posted by @Matt R.:

holy crap, is this 100% confirmed as in not in future legal appeal stages?

thanks,

matt

Matt~

that is actually true. And not only for NV, but also in 22 other states (including AZ, CO, FL).

I know this because we just locked up 2,500 SFR's in FL (in Orlando, to be specific) that are past the redemption period (bank did not pay delinquent HOA dues), and the same law group that won the case in Nevada in front of the Supreme Court (see link below) is currently handling the conversion into Warranty Deeds. These 2,500 homes have an average BPO of $150K, and we are able to sell them at $32K/property (and still make some profit on them), and each of these properties comes with:

1. HOA Super Priority Lien Assignment

2. POE of the HOA

3. Attorney Fees paid for already

4. Blanket Receivership (until Warranty Deed is issued by judge) ==> buyer can collect rent

https://www.youtube.com/watch?v=EkJFBmkNBFw

https://www.youtube.com/watch?v=OAb7lLo-DJ4

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Originally posted by @Wayne Brooks:

Wendell De Guzman Florida is NOT a super lien state, in that the HOA lien is equal, or superior, to the first mortgage....it is not. An HOA lien acts as any other junior lien, except for any overages from a first mtg foreclosure/sale.

Wayne~

sorry, but you are mistaken: An HOA in Florida CAN wipe out all other liens with a so-called HOA Super Priority Lien, and IF the HOA files for foreclosure on the property. There are currently 23 states (as of last count a couple of weeks ago) that enforce this law.

I know this because we just locked up 2,500 SFR's in your state (in Orlando, to be specific) that are past the redemption period (bank did not pay delinquent HOA dues), and the same law group that won the case in Nevada in front of Supreme Court (see link below) is handling the conversion into Warranty Deeds. These 2,500 homes have an average BPO of $150K, and we are selling them at $32K/property, and each of these properties comes with:

1. HOA Super Priority Lien Assignment

2. POE of the HOA

3. Attorney Fees paid for already

4. Blanket Receivership (until Warranty Deed is issued by judge) ==> buyer can collect rent

https://www.youtube.com/watch?v=EkJFBmkNBFw

https://www.youtube.com/watch?v=OAb7lLo-DJ4

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Joe,

as I promised you when we talked earlier, here the link for Nevada case (see below).

For example: We currently have locked up a HOA Super Priority Lien Pool of 2,500 SFR's in Florida (that will have Warranty Deeds). Each property sells for $32,000 (but has an average BPO of $150K), and includes:

1. HOA Super Priority Lien Assignment

2. POE of the HOA

3. Attorney Fees paid for already

4. Blanket Receivership (until Warranty Deed is issued by judge) ==> buyer can collect rent

https://www.youtube.com/watch?v=EkJFBmkNBFw

https://www.youtube.com/watch?v=OAb7lLo-DJ4

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Branden~

let me give you 2 quick samples.... 3+ acres in prime Beverly Hills post office, requiring new (already approved) construction of SFR, with a profit potential of $1.6M and more.

OR: Santa Monica, excellent location across street from popular school, existing structure already demolished, approved plans for 3-5 units, with a possible $4.9M in profit.

Originally posted by @Branden Chhuor:

What kind of deals are we talking about? Can you divulge some more?

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Joe~

thx for the response. But I don't have any intentions to become a BiPo "Pro" (just to post these development deals for others). And I'm not nearly often enough on this website to take advantage of all the other pro membership perks.

As for your "advice" to look at the rules for posting.... Here is why this response made me flinch: I haven't even posted anything, and I'm already getting the "blockwart reminder"???! ;)

I was actually more looking for hinters on a website, or an online forum/group that is known to attract developers (local to Los Angeles county) - so that I can pass these opportunities off to them. If this is involving too much effort I would rather do what I do now.... tossing all these leads in the trash bin! LOL

Originally posted by @Joe Demonte:

@Conny W. You can try to put them on the BP Marketplace located here: BP Marketplace

You can promote and advertise your deals.

Might also want to read this: READ THIS BEFORE PARTICIPATING OR POSTING HERE!

Hope that helps!
Best wishes to you.

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For the past 4-6 months or so I'm getting more and more profitable development deals in Los Angeles county. Since we only rehab (mostly high end properties) I don't know what to do with these off-market opportunities. Would like to pass them on, but don't know any developers.

Is there a website (or a forum on THIS site) where I can post these? Wondering....

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All Forum Posts by: Conny W.

Conny W. has started 1 posts and replied 16 times.

Post: Obligations to agent that showed me property?

Post: Are 2nd liens and other junior liens wiped out in an HOA foreclosure?

Post: Are 2nd liens and other junior liens wiped out in an HOA foreclosure?

Post: Recent Ruling - Foreclosing on Nevada HOA liens

Post: Recent Ruling - Foreclosing on Nevada HOA liens

Post: Buying HOA Liens

Post: SuperPriority HOA liens

Post: Off-market development deals in Los Angeles - to whom could I pass these off?

Post: Off-market development deals in Los Angeles - to whom could I pass these off?

Post: Off-market development deals in Los Angeles - to whom could I pass these off?